[Federal Register Volume 63, Number 125 (Tuesday, June 30, 1998)]
[Notices]
[Page 35613]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-17345]


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DEPARTMENT OF LABOR

Pension and Welfare Benefits Administration


Proposed Information Collection Request Submitted for Public 
Comment and Recommendations; Prohibited Transaction Class Exemption 82-
63

ACTION: Notice.

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SUMMARY: The Department of Labor, as part of its continuing effort to 
reduce paperwork and respondent burden, provides the general public and 
Federal agencies with an opportunity to comment on proposed and/or 
continuing collections of information in accordance with the Paperwork 
Reduction Act of 1995 (PRA 95) 44 U.S.C. 3506(c)(2)(A). This program 
helps to ensure that requested data can be provided in the desired 
format, reporting burden (time and financial resources) is minimized, 
collection instruments are clearly understood, and the impact of 
collection requirements on respondents can be properly assessed. 
Currently, the Pension and Welfare Benefits Administration is 
soliciting comments concerning the proposed extension of a currently 
approved collection of information, Prohibited Transaction Class 
Exemption 82-63. A copy of the proposed information collection request 
can be obtained by contacting the employee listed below in the contact 
section of this notice.

DATES: Written comments must be submitted on or before August 31, 1998.
    The Department of Labor is particularly interested in comments 
which:
     evaluate whether the proposed collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information will have practical utility;
     evaluate the accuracy of the agency's estimate of the 
burden of the proposed collection of information, including the 
validity of the methodology and assumptions used;
     enhance the quality, utility, and clarify the information 
to be collected; and
     minimize the burden of the collection of information on 
those who are to respond, including through the use of appropriate 
automated, electronic, mechanical, or other technological collection 
techniques or other forms of information technology, e.g., permitting 
electronic submissions of responses.

ADDRESSES: Gerald B. Lindrew, Department of Labor, Pension and Welfare 
Benefits Administration, 200 Constitution Avenue, NW, Washington, D.C. 
20210, (202) 219-4782 (this is not a toll-free number), FAX (202) 219-
4745.

SUPPLEMENTARY INFORMATION: 

1. Background

    Prohibited Transaction Class Exemption 82-63 allows the payment of 
compensation under certain conditions for the provision by an employee 
benefit plan fiduciary of securities lending services to the plan. In 
the absence of this exemption, certain aspects of these transactions 
might be prohibited by section 406 of the Employee Retirement Income 
Security Act.

II. Current Actions

    This existing collection of information should be continued because 
without the relief provided by this exemption, certain compensation 
arrangements for the provision of securities lending services by a plan 
fiduciary to an employee benefit plan would be subject to the 
prohibitions of section 406 of the Employee Retirement Income Security 
Act. The recordkeeping requirements incorporated within the class 
exemption are intended to protect the interests of plan participants 
and beneficiaries. The class exemption has two basic information 
collection requirements. The first requirement is that the compensation 
be paid in accordance with a written instrument authorized by a non-
lending fiduciary, and the second is that the lending fiduciary furnish 
the authorizing fiduciary with certain information.
    Type of Review: Extension.
    Agency: Pension and Welfare Benefits Administration.
    Title: Prohibited Transaction Class Exemption 82-63.
    OMB Number: 1210-0062.
    Recordkeeping: 6 years.
    Affected Public: Business of other for-profit, Not-for-profit 
institutions, lndividuals.
    Total Respondents: 18,245.
    Frequency: On occasion.
    Total Responses: 36,490.
    Average Time Per Response: 5 minutes.
    Estimated Total Burden Hours: 3,041.
    Comments submitted in response to this notice will be summarized 
and/or included in the request for Office of Management and Budget 
approval of the information collection request; they will also become a 
matter of public record.

    Dated: June 25, 1998.
Gerald B. Lindrew,
Deputy Director, Office of Policy and Research, Pension and Welfare 
Benefits Administration.
[FR Doc. 98-17345 Filed 6-29-98; 8:45 am]
BILLING CODE 4510-29-M